HomeMy WebLinkAbout0028 , $~50~000.00 ~ rORT PITrRCS, tLORYDA 2~d M~rad, 19yZ
FOR YALUS R~CSIVSD, tti• und~rsi~~d KO'rOR INYESZ'MBBI'T
CORPORATION, a Dolavar• Corporation, ~ut2wris~d to transact
busin~ss i~ ~'lorida, h~r~by promis~s to pay to th~ ord~r of
GSNSRAL MOTOItS ACCSPTANCS CORPORATION, Nev York Corporatioa~
authorised to transwct busin~ss in Florida~ at ita Branch
- Offic• 5016 S~uth Disi• Highvay, W~at Palm 8~aoh, Florid~, th~
principal vmount of Thrse-Nu~dr~d Fifty-Thous~~d ~~350,000.00)
Dollars, togeth~r with intor~st th~r~on as hsrei~aft~r pro~id~d,
upon tha a~ount ~unpa?id at th~ rat• of s~ve~ per o~nt p~r
annum as h~r~inaft~r provid~d on tb~ succsss~~~ unpaid
b~?lano~.
Ths princip~l sua~ horoin pro~id~d for shsll be ad-
vanced to Makor in installmeota aa requested and int~r~st on '
each advamce stiall bo computad from tho dato of such ad~anco
at th• r~t• of savon (~i) p~r ce~t per annum as ~?djustod and
payablo on tho first day of oacb month tharoaftor.
Beginning o~e (1) ponth after the total prinoip~l
sum of Tbree-Hundred Fifty-Thousand ($350, 000.00 ~ Doll~?ra haa
been advanced to l~faker, or one (2 ) month after lat August, 19~2.
whichever may first occur, payment of the principal sura aball
commence and be nade in ninety(90) successive monthly instwll-
ments of One-Thousand Nina-Hundred Forty-four wnd.44~100
(~1,944.44) Dolls?rs ewch, and one installment of O~e-Hundred
Seventy-five Thouaand and 40/100 ($1~5,000.40) DollArs, or
such auo that may h~?ve been drawn leas than tLa said Throe-
8undred Fifty-Thouaand ($350,000.00) Dollars, shall be paid
in ninety (90) successivo equal installmsnts based upon a
fiftoen (15j year amortisation term, vith the b~lance due to bo
paid in one (1) lump sum at tho end of the said ninety ~90)
~ montha; plus monthly intoreat, and continuing on tho samo d~?y
of oach succesaive aoonth until tho said principal suo is fully
ropaid as provided.
The differenco betMeen the rate of interest of
seven per cent per annum as hereinabove provided and the
prime rat• of four and throe-qua?rters (4.~y'~,) per aent in
effect on the da~e~this promissory noto is •zecutad is tMo
And ona-quartsr (24yb) per cent. Upon oach increaas or decreaso ~
hereafter in the prime rate (as hereinafter d~fined), the rate ~
of interest shall be increased or decreased as the caae o~ay be,
j effectiv~ on the firat day of the calendar ~onth follo~+ing •aoh
i chango in the prime rate, by the differenco botveen the asM i
~ prime rate and the preceding prime rate ao that the rate of "
~ interest thereaftor vill continu• to be a par oant which is ~
greater than the prime rate then in effect by the amount of ~
~ differenao betMeon tho rate of interest and the priwe ralo
in effeat on the dAte this promiasory note is •xecuted. In ±
no event shall the iateros~ rats ~er annum •~coed tho hi~h~st
lawful rwto parmittad on tha da?te the promissory not• is
~ azecuted.
- Tbe term Mprime rata~ shall mean the rate of interost
per a~num quoted to General Motors Accepta?nce Corporation for
dea~?nd loAns by a a~a3ority of the twalve largest commercial
banka operating i~ the Unitad States of America. NotMith-
standing the foregoing, for the purpose of dotermining the
~ - prirae rate of interest under this promiasory note, the prirae
rate shall be considered to be four (4~) por cent if the prioo
~ rate established by aaid banks at any time is a figura whioh
~ ~ is les~ than four (4~) per cent per annum. The term "new
~ prime rate~ or apreceding primo rateN (oxcept vhan it ref•rs
~ to the prime r~?t• in •ffact on tha dato this promissory not•
~ 1s oxecutad) s13a11 maan tha lwst Nprimo rato• •stablishod
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during •wch calondar month. .
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